Dear CPF, I entrusted my money in you so please do not abuse it

Dear CPF Board,

You are the appointed agency to manage my retirement fund, which comes from my monthly contribution from the day I started working. I had no options to self manage my fund, or to appoint better fund manager. In short, I was forced to work with you.

Nonetheless, I thank you for the hard work all these years to provide me an impressive 2.5% interest on my contribution. I ought to be grateful that my money is still there. If not, don’t tell me about it. Don’t drop hints either. That is a bad habit you have acquired over the years and I am highlighting it today as my feedback.

When we first began, we agreed for a complete withdrawal when I get to 55 years old. That would be more than 3 decades from my first contribution. It was an absolute peach to you. Even the worst local bank would offer me more than 2.5% for a crappy structural deposit on a 10 year term, capital guaranteed.

If I use them, I would be able to do an early withdrawal my funds before maturity, albeit with a penalty charge. You could certainly do better than 2.5% for a complete lock in for no withdrawal option for 3 decades. Never mind about the yield. We are friends and it hurts our relationship if we get too calculative. That is why it is unacceptable for you to charge me an interest for any loan I take from my own money. We should give and take but unfortunately, you are the only one enjoying the taking till now.

Things turned a nasty corner when you begin to think it is rightful for you to dictate my retirement age and how to live my life. We agreed on a complete withdrawal at 55 years old at the beginning of our contract. You revised it, because you told me you cared for me. So you suggested 60, then 63 and now you are urging me to stretch my non-withdrawal to 65 years old, by giving me a bonus of $1,200 for a 2 year extension. that would amount to a total of more than 40 years of keeping my money with you. Oh, is that how things work around here? I would have offered you $12,000, to withdraw my money 20 years earlier. I would if I could, if you have the money to return me in the first place.

I must apologise for my lack of faith in you but that has been lost ever since you told me I would not be withdrawing my retirement fund at whatever age you decided, and the goal post is still shifting as we speak. Instead you told me I will receive only pay-outs like an unemployed working receiving handouts from Centrelink in Australia.

The key difference is, the Australian Government pays the unemployed from tax receivables and the money I left with you, come from my pocket. Despite that, you think you have the right to hold a bulk of my money in which you called Minimum Sum, and even tell me I will receive no payouts if I fail to accumulate enough money beyond your Minimum Sum. Thus, I cannot help but wonder if the Minimum Sum is created to keep me alive or to keep you afloat.

Over the last 15 years, you have dropped too many hints to suggest things are not exactly in a pink of health within. I do not want to interfere with your affairs but do not make me pay for your mistakes. I entrusted my money in you because I had not been given a choice. It is more than a privilege for you, an entitlement in fact. Do not abuse it. This is not a warning, just a simple advice from a friend.

Sincerely,
Your Friend

 

 

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27 Responses to “Dear CPF, I entrusted my money in you so please do not abuse it”

  • New Gahment = New CPF Board:

    Vote wisely at the coming GE and make it happen!

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  • Selfish Sinkie Syndrome:

    Why do you need to sign off Sincerely, your friend?

    Nobody is your friend, especially not the CPF board.

    Don’t need to write such long complaint letters to them, because they will simply toss your letter into the dustbin. Frankly, I also stopped reading your letter after you said “Dear CPF Board”. Ha!

    Ask yourself, my friend, who did you vote for all the past years?
    Shut up and live with it if you still want to continue voting for you-know-who lah. CPF board might even give you a standard reply which is used to just stall for time or give you a roundabout answer, which really answers nothing.

    Only by VTO, then you can start to get transparency and accountability on all your locked-up money.

    ALL other efforts are just wasting time and you yourself know that to be the unvarnished truth. Simple right?

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  • Bobo:

    There are tons of rich couples who have more than half a millions $ in their CPF OA. Those couples have assets, rich cash and proporties that they do not want to withdraw whatever left in their CPF OA because they still think that CPF is a safe place to park their money with 2.5% interest. Hahaha!

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  • Irene Vanessa Wan Si Hung:

    So, is CPF in breach of contract? So the contract will be void? All Money returned?

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  • Tremendous:

    In Finance, the owner has all the rights to his money, and the custodian ONLY looks after them. I think a certain party has crossed the line, the role of a custodian should always be only a custodian, not otherwise.
    If they cannot honour a simple promise to return the CPF by 55, they cannot be entrusted with lots of things. They care more about preserving their hegemony than the promises they have to keep, If they can renege on CPF returns, they can renege anything. They know this too – once you have an ‘asset’, like your CPF turning more and more illiquid, it’s as good as being held ransom. They are part of our SMART nation.

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  • CPF:

    Do any of you all want to know the situation of your CPF money?

    Many said that it is KOSONG like the Milo Gao KOSONG?

    If you all want to know the situation you all have to VTO.

    We need to have a new Govt and for sure they will get Milo Gao Kosong to give a full report. Note this report will not be prepared by pinky that need to be amended 20 times. This Milo Gao Kosong is merely a gardener in Istana.

    VTO

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  • jimmy phua:

    Wait for the Final Verdict from Them CPF is not your money

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  • oxygen:

    CPF POST 55 IS A SCAM/theft of private property and before that is BACKDOOR TAX. Where is the fiduciary duty performed?

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  • Spot on!:

    I could not have expressed it any better! Thank you, my friend.

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  • patriot of Temesak:

    Liars & Cheats…you deserve it for trusting in a man name Lie Con You!!!

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  • pakuqaz:

    what the cpf doing is criminal breach of trust,
    dishonesty and cheating.
    any lawyer to comments.

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  • LIONS:

    C-PEE-F.

    70 PCT,your are the real reason why our CPF got squirreled.
    you 70 pct must now make amends for causing harm to all of us.

    dont be daft anymore.

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  • Whymustitcometothis?:

    This G seems really heartless.
    Once i was at a cpf branch to change my nominee.
    While waiting i saw an old gentleman mayb early 70s walk in aided by a maid n supported by his walking stick.
    As soon as the staff noticed him they ushered him to an express line n proceeded to attend to his queries i presumed.
    After a short while the old guy stood up n in a loud angry voice said ” where is my money, you tell me now, where is my money? I felt so sad hearing that. Then it was my turn at a diff counter n i dun know what happened to that guy. I just feel that if a cof ac holder is so old n ill, just give him the full amount balaance. At least he will leave this world happy n comforted getting to hold his hard earned money. This g is really heartless.

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  • HarderTruths:

    Another pappy voter – they never learn

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  • Blowing in the Winds:

    Thank you @Your Friend for this well penned feedback / open letter.
    Most of us feel the same.
    Our money has been used n held back without our consent.
    A Breach of contract.

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  • Shameless dishonesty?:

    Tzu Chang asked Confucius about jen. Confucius said, “If you can practice these five things with all the people, you can be called jen.”

    Tzu Chang asked what they were. Confucius said, “Courtesy, generosity, honesty, persistence, and kindness. If you are courteous, you will not be disrespected; if you are generous, you will gain everything. If you are honest, people will rely on you. If you are persistent you will get results. If you are kind, you can employ people.

    If either wealth or poverty are come by honesty, there is no shame.

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  • Water Agreement Can't Break:

    Water Agreement with Malaysia Government cannot be broken, but CPF Agreement with LKY Government Can Be Broken. What The Fark

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  • MarBowling:

    CPF…..Con People Fund.

    And they are using 3 Mother of all Big and Solid Keys to LOCK UP your retirement funds and thereafter distribute in the form of peanuts to you upon your graceful retirement. Big Nose Teo, what do you think? 69.9% Voted and Enjoy it! Song Boh?

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  • this is why SG is sinking fast:

    with a dishonest government, telling lies, and more lies to cover the old lies, how not to sink?

    before Mr Roy Ngerng surfaced, clown pap was still lying gic money temasick money were not citizens’ CPF money.

    although Mr Roy Ngerng was silenced by clown court verdict, the FACT is, Mr Roy Ngerng was only incorrect in message delivery. Mr Roy Ngerng’s message remains on target, and true.

    when the top is crooked, the bottom cannot straight.

    when declare needed malay as president but selected an INDIAN, now also milo, there is no more distinction between truth and fake news. can such a government continue to rule honestly? ASK clown’s brother, ASK clown’s sister, ASK clown’s nephew, and they, together with us, tell you, NO.

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  • And you asked:

    Whymustitcometothis?:
    This G seems really heartless.

    After a short while the old guy stood up n in a loud angry voice said ” where is my money, you tell me now, where is my money?

    This g is really heartless.

    You must have forgotten the definition of “G”.

    “G” is not boss. You are.

    But you had decided to let “G” continue doing what they are doing.

    So Whymustitcometothis?

    You wanted it !

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  • sangent:

    My dear friend,
    Your cpf money have probably been lost in your appointed agency through lousy investments. Don’t cry over spilled milk but ask those in the same situation as you to vote them out in the next GE2020.

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  • Don't Talk So Much!:

    Or else the Retirement Age to collect monies will be raised to 70 and interest reduced to 2%!

    After all, Singaporeans will still vote for No Change!

    Want to bet?

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  • True facts:

    That’s why old folks need to work until kick the bucket or pack cardboard as exercise now.

    Must work until 100 years old.

    Time for regime change if not sorry for younger generations.

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  • RDB:

    What Pee And Poo political farty has been doing is spinning spinning spinning kids stories to make them looking more and more and then most stupid in honesty. BUT best in dishonesty!

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  • Bapak:

    The writer is too kind to write such a polite letter. They are exploiting us like we never exist, treating us like slaves and yet you want to be kind to them? Stupid you. Give them the middle finger and vote them out will solve all your problems.

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  • Mad House:

    Well expressed!

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  • Be Real Please.....:

    Cardboard collectors doing it to exercise is rare. Most need to earn monies to survive.

    Just take a closer look at these people; most of them are already sick and suffering from poor health!

    If you don’t believe, maybe one of the JCs can assign student volunteers to conduct surveys all over Singapore and get to the bottom of it once and for all.

    Let’s not kid ourselves furhter!

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